CAPITAL MARKETS

US markets at fresh highs on trade talk

Both the S&P 500 and Nasdaq closed at fresh record highs, buoyed by optimism around the US and China showing commitment to the phase one trade deal.

Staff reporter
 Image: iStock.com/ktsimage

Image: iStock.com/ktsimage

"Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement," the US Trade Representative's office said.

It issued the statement following what it described as "a regularly scheduled call" between Ambassador Robert Lighthizer and Secretary Steven Mnuchin and China's Vice Premier Liu He on Monday evening.

Gold is similar to this time yesterday on the spot market, around US$1,924 an ounce.

Base metals closed higher in London amid various catalysts.

Zinc rose 1.5% following news the San Cristobal mine in Bolivia would be suspended again due to COVID-19.

Nickel closed up 0.36% amid news of stockpiles at seven Chinese ports falling to two-year lows.

Among the majors, Anglo American closed down 3.3% in London, Barrick Gold lost 1.1% in Toronto and BHP was down a similar amount in morning Australian trade.

Pebble proponent Northern Dynasty Minerals (TSX: NDM) fell a further 35.3%, despite its reassurances this week that a request regarding how it would mitigate wetlands disturbance was not a "show-stopper" for its proposed mine in Alaska.

Finally, South Africa-based Harmony Gold Mining (JSE: HAR) closed down 4.6% yesterday - but remains at the upper end of a one-year range - as it celebrated "a formidable 70 years in mining" yesterday.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.